Bunge sees FY23 adjusted EPS 'at least' $11.00, consensus $12.00

In Agribusiness, full-year results are forecasted to be down from last year as slightly higher results in Processing are more than offset by lower results in Merchandising. While we are not forecasting the same magnitude of margin enhancing opportunities that we captured during 2022, we do see potential upside to our outlook if strong demand and tight global commodity supplies continue throughout the year. In Refined and Specialty Oils, full-year results are expected to be modestly down from the record prior year. In Milling, full-year results are expected to be down from last year and in line with historical performance. In Corporate and Other, results are expected to be in line with last year. In Non-Core, full-year results in the sugar and bioenergy joint venture are expected to be in line with last year. Additionally, the Company expects the following for 2023: an adjusted annual effective tax rate in the range of 20% to 24%; net interest expense in the range of $380 to $410 million; capital expenditures in the range of $800 million to $1 billion; and depreciation and amortization of approximately $415 million.